Stock index closes at one-year high

July 28, 2017

Stocks ended higher for the fourth straight session on Friday to close at a one-year high. The index closed at 8,071.47 points, up 25.69 points. This is the highest closing level since July 27, 2016 when it finished at 8,100.48, the Philippine Stock Exchange said in a statement. "The PSEi bucked the general downtrend in Asia on positive investor sentiment ahead of the release of second quarter earnings results," said PSE president and chief operating officer Ramon Monzon in a statement. "We have also seen net foreign buying in the last six days which indicates funds potentially favoring emerging markets on expectations of steady interest rates in the US," added Monzon. In the broader market, there were 119 gainers, 88 decliners and 42 remaining unchanged. Volume reached 1.11 billion shares worth P6.42 billion. Foreigners were net buyers with P3.14 billion compared to selling of P2.5 billion. Most active shares included BDO Unibank, up 1.71 percent to P125 and DMCI Holdings, up 1.14 percent to P16.02. The peso closed at P50.57 against the US dollar from P50.56. Volume at the Philippine Dealing System declined to $432 million from $580 million. DMS